Real estate is no longer the centre of Portugal's Golden Visa. In 2025, serious investors build their residency strategy around regulated investment funds - from private equity and growth capital to real-economy and credit vehicles.
By Explorer Investments • Global Fund & Residency Insight
Core Route
€500k Funds
Main Strategies
PE • VC • Real
Investor Type
HNWI
Jurisdiction
Portugal
“The most sophisticated Golden Visa investors are no longer asking “which apartment should I buy?” - they are asking “which regulated fund best fits my family’s global strategy?”.”
After Portugal reformed its Golden Visa, the spotlight moved away from direct property purchases. The **fund route** - typically starting at €500,000 - has become the principal channel for serious investors who want:
Articles like “Portugal Golden Visa 2025: The Truth About the Fund Route (Not Real Estate)” have already made it clear: the centre of gravity is now firmly on regulated funds, not apartments.
A Portugal Golden Visa fund is usually a CMVM-supervised investment vehicle that has been structured to meet the legal criteria for Golden Visa eligibility. It may take the form of:
Instead of buying one property, investors subscribe to fund units that give exposure to a portfolio of assets managed by a professional team, under regulatory oversight.
Related link: Golden Visa Portugal: Secure EU residency via an investment fund.
Most eligible funds fall into one or more of the following strategy buckets:
Target established or scaling businesses with proven models - often in healthcare, industrials, services or tourism platforms. The aim is to grow enterprise value and exit through trade sales or other liquidity events.
Focus on tech and innovation - SaaS, digital health, deep tech or other high-growth verticals. Higher return potential but also higher dispersion of outcomes, best suited to investors with greater risk tolerance.
Invest in real-economy projects - tourism and hospitality, light industrial, logistics, healthcare facilities, infrastructure. Aim to blend asset backing with recurring cash flows and moderate appreciation.
Provide financing solutions - private credit, mezzanine, revenue- based financing - with an emphasis on income and downside protection rather than pure equity upside.
Instead of looking for “the best fund”, experienced investors ask: which strategy fits my risk, time horizon and objectives?
| Dimension | Private Equity / Growth | Venture / Innovation | Real-Economy / Asset-Backed | Credit / Hybrid |
|---|---|---|---|---|
| Risk | Medium → Medium-High | High | Medium | Low → Medium |
| Return Potential | Medium-High | High / very high (with high dispersion) | Medium | Low → Medium |
| Volatility | Medium | High | Medium-Low | Low |
| Cash Flow Profile | Backloaded (exits) | Backloaded, uncertain | Blend of income + appreciation | Mainly income |
| Typical Investor | HNWI & family offices used to PE | Tech-leaning, higher risk appetite | Capital preservation + growth | Income-focused / cautious |
Related link: Why invest in Portugal in 2025 - fund strategy and Golden Visa perspective.
Due diligence isn't just about returns. It is about governance, alignment and clarity. Serious investors tend to focus on:
Articles like “Portugal Golden Visa 2025 | Invest with Explorer Investments Fund” complement this analysis with concrete examples of how fund-based approaches are implemented in practice.
Portugal also offers SIFIDE funds, which are designed primarily for companies that want to optimise corporate tax by funding R&D. While SIFIDE funds are not typically Golden Visa vehicles, they can be an important part of a broader strategy:
The combination allows capital to work at different layers of the balance sheet - corporate and personal - while keeping the overall strategy anchored in regulated Portuguese vehicles.
Every family is different, but three broad archetypes often appear in conversations with wealth advisors:
Heavier allocation to real-economy and credit funds, with modest exposure to private equity - ideal for investors more focused on stability than on maximising upside.
Mix of private equity and real-economy funds, plus a smaller allocation to venture or innovation - the default for many HNWI.
Larger weight to private equity and venture strategies, suitable for investors with long time horizons and higher risk tolerance.
A platform with private equity DNA and a broad track record in Portuguese alternatives is uniquely positioned to design funds that:
“For the strongest investors, the Golden Visa is not the reason to invest - it is the bonus that comes with doing the right things in the right jurisdiction.”
Internal links: Portugal Golden Visa 2025: best EU investment route after Spain closes doors and Portugal Golden Visa fund strategy for retirement-focused investors.
Not automatically. Fund investments carry portfolio and manager risk, while property carries concentration and market risk. Many investors prefer funds because of diversification, governance and professional management.
No. Only funds that meet specific legal and regulatory criteria are eligible. Investors should confirm eligibility with their advisors and ensure that the fund's documentation clearly addresses Golden Visa requirements.
In many cases, yes. Some investors split their allocation across multiple funds and strategies, as long as the combined amount meets or exceeds the legal minimum and all investments remain eligible.
The holding period is typically aligned with the Golden Visa residency timeline, often five years or more. However, each fund has its own life cycle; investors should understand both the immigration rules and the fund's duration.
Generally, SIFIDE funds and Golden Visa funds serve different purposes and investor profiles. SIFIDE is aimed at corporate R&D tax credits, while Golden Visa funds target residency for individuals. In many cases, the best approach is to use each type of fund for its intended layer of the strategy rather than mixing objectives.
Get personalized guidance on the fund process. Our Investor Relations team can clarify the steps, discuss Explorer's fund options, and connect you with trusted legal experts. Schedule your confidential, no-obligation consultation today.
André Bandeira
ab@explorerinvestments.com
Maria Campos Silva
mcs@explorerinvestments.com
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Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.
André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)